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Crest Minerals targets $10M raising in food transition

Last updated: 18:30 10 Dec 2015 AEDT, First published: 17:30 10 Dec 2015 AEDT

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Crest Minerals (ASX:CTT) has advanced its transition into the food sector with the launch of a prospectus aiming to raise A$10 million.

This fundraiser would include a share offer priced at A$0.10 and the possibility of accepting an oversubscription valued up to $2 million.

The gold explorer will be renamed Food Revolution Group after acquiring Langtech International, a food processing company with operations in Victoria and New Zealand.

Food Revolution is expected to expand this focus into international markets, including China.

Existing and new funds will be primarily directed to accelerate growth by funding expansion and launching a range of functional food and nutraceutical branded products domestically and into the Chinese market.

Nutraceutical products are characterised by their nutrition and pharmaceutical values, and are expected to represent a global market worth US$250 billion by 2018.

Langtech’s competitive advantage centres around the efficient manufacture of superior quality juices, fibres, infused fruits, fruit waters and bioactives for sale – as branded products and/or ingredients – into the high growth international functional food, beverage and nutraceutical markets.

Langtech has annual sales of about $17 million.


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